Cheesecake Factory Inc. saw net income jump nearly 5 percent year-over-year in the first quarter of 2017, but the Calabasas restaurant group still fell short of Wall Street expectations for earnings and revenue. Cheesecake on Wednesday reported earnings of $35.5 million, or 72 cents a share, on revenue of $563 million during the quarter ended April 4. Analysts had expected earnings of 73 cents a share on revenue of $570 million, according to Thomson Financial. During the same period a year ago, the company had net income of $33.9 million (68 cents a share) on revenue of $554 million. Cheesecake (CAKE) stock on Wednesday rose $1.18, or about 2 percent, to close at $67.09 on the Nasdaq. Tutor Perini Corp. has released first-quarter results that fell short of analyst expectations. The Sylmar construction company reported net income of $13.8 million (27 cents a share) on revenue of $1.12 billion for the quarter. Analysts on average expected net income of 31 cents on revenue of $1.13 billion, according to Thomson Financial Network. The company affirmed its guidance for 2017, with revenue expected in excess of $5.5 billion and earnings per share in the range of $2.10 to $2.40. Tutor Perini (TPC) announced the results after market close Wednesday. Shares closed down 70 cents, or 2.3 percent, to $30 on the New York Stock Exchange. Second Sight Medical Products Inc. missed analyst expectations during the first quarter. The Sylmar medical device company reported a net loss of $7.5 million (-16 cents a share) on revenue of $1 million. The one analyst who follows the company expected -14 cents a share on revenue of $1.3 million, according to Thomson Financial Network. Shares of Second Sight (EYES) closed down 2 cents, or 1.6 percent, to $1.27 on the Nasdaq. MRV Communications beat an analyst’s forecast on earnings for the first quarter and fell just short on revenue. The Chatsworth telecommunications equipment maker reported an adjusted net loss of $522,000 (-8 cents a share) on revenue of $21.2 million in the quarter ended March 31. That compares to an adjusted net loss of $3.5 million (-50 cents) in the same period a year earlier. The one analyst following the company expected an earnings loss of -9 cents on revenue of $22 million, according to Thomson Financial Network. The company announced results after the market closed Wednesday. Shares of MRV (MRVC) closed up 10 cents, or 1 percent, to $10.25 on the Nasdaq.
Earnings: Cheesecake, Tutor Perini, Second Sight, MRV
